Oil price forecast today trading signals December 2024 By Francesco Massetti Posted on 20 November 2024 Condividi su Facebook Condividi su Twitter Condiviso su Google+ Condiviso su Pinterest Condiviso su Linkedin Condiviso su Tumblr WTI monthly 19.01.24 Oil price forecast December 2024 Oil price forecast analysis and stock market signals for December and Q1 2025 using the WD Gann technique. WTI oil chart last three years with technical overview Weekly WTI Oil price forecasts for the coming weeks From March 2023 to July 2024, the price dynamic for WTI oil was sideways, with moments of positive laterality alternating with negative laterality. More precisely, since the weekly set-up on 19 July, the lateral price phase has ended and the negative oil yields have had more autocorrelation. The prices from the 1X8 angular resistance plotted in blue at $84.48 reached the descending 1X4 dynamic support, plotted in purple, at $66.84 in the week of 13 September 2024. With the bullish break of the Maximum Square in the week of 13 September we witnessed a positive pull-back that pushed prices up to a top at $78.42, on the descending 1X4 angular resistance. The following week prices resumed their descent, however, failing to breach the low of 13 September. Next signal 22-29 November 2024. Prices below 66$ resumption of the corrective phase, with first supports in the area of 64.80$; 63.20$. For prices above 78.70$ resumption of the short term positivity: resistances in the area 73.70$; 75.10$. Oil price trend for the coming months WTI monthly The resumption of corrective action in the oil market can be seen from the bearish break-up of the monthly set-up in August 2024. In the following month of September the trend of WTI accelerated the correction, reaching a low at $65.29. Both October and November 2024 coincide with important time signals. The reaching of $66 will confirm the medium-term corrective trend: angular supports in the area of $62.20; $59.30. Only the reaching of $78.70 will indicate a recovery from the oil dynamic: resistances in the area of $74.40; $77. Long-term WTI oil technical analysis WTI quarterly In the third quarter of this year, the oil market broke out of the long trading range that had persisted since Q2 2023. The next signal to be taken into account will be the Minimum Square coinciding with the last quarter of this year. Reaching $65 will confirm the negative start of the previous quarter: supports in the $54 area; $45. Resistance in the $84 area. The trend analysis on the WTI oil market was described using the Gann technique and with the aid of the Top Trader(c) stock exchange software.
